Tip for Coaches 1.3: Perform Competitive Analysis

A list of competing businesses against which you must differentiate your own company’s competitive advantage.

Steps:

1. Identify competing businesses, both in your local area and nationally.

2. List these competitors and brainstorm how you will gather information about them.

3. For each competitor, gather information about their:

• Pricing

• Benefits and features

• Size and profitability

• Brand image

• Reputation

• Sales channels

• Marketing and advertising strategy

This information can typically be found by visiting their location, sampling their products/services, or completing an online search of their website and user reviews.

4. Assess each competitor to determine its competitive advantage in the marketplace and your business’s relative strengths and weaknesses.

5. Use the information gathered to complete a SWOT Analysis for your business.

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Reference: www.score.com